In this article, you will learn how your bank statements are filtered in your software and why only specific items are imported for further processing.
Contents
- Why are bank statements filtered?
- Which transactions are imported?
- Where can I find the filtered-out transactions?
- Background: The switch to the ISO 20022 standard
Fast lane
- Navigate to
Finance / Tax advisor portal / Banking. - Here you will find a complete overview of all account transactions, including the filtered-out items.
Why are bank statements filtered?
When you import bank statements into your software, the system applies an intelligent filter to ensure that only relevant transaction items for the daily work in member management are considered. This is necessary to maintain clarity and avoid unnecessary data.
General account movements such as salary payments or debits for studio expenses (e.g., electricity bills) are not relevant for managing your members. Regular direct debits from members also do not need to be re-imported, as they are already recorded and booked through the payment runs in the system. The filter thus ensures that your system remains clean and focused on important processes.
Which transactions are imported?
The filter is designed to specifically import the types of transactions that require an action in the system. These are mainly:
- Chargebacks: If a direct debit from a member is returned, it must be recorded in the system to reactivate the open item and initiate appropriate measures.
- Bank Transfers from Members: If a member manually transfers payment for an open receivable to your business account, the system recognizes this payment and assigns it to the corresponding member account.
All other items are recorded but are filtered out from direct processing in member management.
Where can I find the filtered-out transactions?
No data is lost! All transactions from your imported bank statement, including the filtered-out ones, are securely archived and can be viewed at any time. You can find a complete overview of all account movements in the finance area of your software, which is specifically designed for accounting purposes and collaboration with your tax advisor.
You can find the complete statement under Finance / Tax advisor portal / Banking.
Background: The switch to the ISO 20022 standard
To improve the accuracy and reliability of the filtering, our logic is based on the international standard ISO 20022. This standard uses uniform Bank Transaction Codes to categorize transactions consistently worldwide.
Previously, a system was used that was primarily geared towards the German and Austrian markets. In other countries, this sometimes led to relevant transactions being mistakenly ignored or irrelevant ones being imported.
By using the ISO 20022 standard, we ensure higher accuracy and create a future-proof foundation for using the software in over 70 countries, including the entire EU, Switzerland, the United Kingdom, and the USA.